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Top story
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"No quick fix" as market uncertainty continues
As rumours of merger talks between Lloyds TSB and HBOS add to the uncertainty rippling through the stock markets this week, Merseyside's professionals are preparing for a rocky ride. "At the beginning of the year, we hoped 2008 would see the start of the recovery, but now there is a real prospect that even 2009 may seem optimistic," said Andrew Noon, partner in the Liverpool office of law firm DLA Piper, who believes broad economic fundamentals are still strong. "Businesses will need to implement more longer term solutions - there is no quick fix which will see them through." But Neil Sturmey, managing partner of Grant Thornton Liverpool, said people were prepared for this week: "It is unsettling, but under the surface we all knew what was going on and this week just crystallises that." And Paul Rice, chief executive of the Liverpool Commercial District Partnership, said: "The good work we've done in recent years means the city is in a much more resilient position to withstand such pressures. While we're obviously not immune to the crisis, the signs so far indicate a slowdown rather than a disaster."
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Deals
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Funding for franchise
Merseyside-based business advisory Business Doctors has received a six-figure investment from Alliance Fund Managers (AFM) and The Royal Bank of Scotland to help develop a franchise across the UK. The company, which is based in Newton-le-Willows, provides growth strategies to small and medium-sized businesses. The investment from AFM is through the Merseyside Special Investment Fund Small Firms Fund.
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Business
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Hackney seeks new challenges as GT powers on
Grant Thornton partner Howard Hackney is leaving the accountancy firm’s Liverpool office after 30 years with the practice. He is setting up as an independent consultant from 1 October and will continue to work on a project basis for the firm. Speaking to Insider this morning, Neil Sturmey, managing partner of Grant Thornton Liverpool, said: “It’s something we’ve been talking about with Howard on and off for a few years and there’s been a lot of discussion about be the best way to take things forward. We already had a succession plan - other partners will be brought in to expand the office - and we’re hoping to sign a new lease for more space than we currently have.”
More power for the region
Plans for a power plant that creates energy from waste have been approved in Cheshire by energy minister Malcolm Wicks, as the region continues to tackle its waste mountains and address the energy crisis. Global chemicals giant Ineos Chlor is set to build an energy-from-waste combined heat and power station with a capacity of 100 MW at Runcorn that could take waste from Manchester, Merseyside, Halton, Cheshire and Warrington. The heat and electricity produced will be used by Ineos at its Runcorn chemicals manufacturing site, one of the largest energy users in the UK. Earlier this week the Merseyside Environmental Advisory Service announced plans to find two sites for the thermal treatment of waste and the Merseyside Waste Disposal Authority is to submit plans to create a £20m recycling park in Gillmoss as part of a £3bn programme.
Son of a Pitch
Winning Pitch, the sales training organisation set up by John Leach in Manchester, is up and running at its new Liverpool site. The business has taken space at Liverpool Innovation Park and is working with Digitalinc and the International Centre for Digital Content. Leach assists technologists and other early-stage businesses with sales coaching and he has opened in Blackpool and Sheffield since setting up at Manchester's One Central park incubator centre two years ago.
Excellence rewarded
Greater Merseyside Connexions Partnership has been named as a finalist in the North of England Business Excellence Awards 2008, where, along with South Ribble Borough Council, it will contest the category for public sector organisations with 250 or more employees. Wigan Leisure & Culture Trust Greenspaces Services and Mersey Forest, the community forest body based in Birchwood, are shortlisted among organisations with fewer than 250 employees.
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Property
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Empty rates - a chink of light?
The government will today discuss the abolition of its controversial changes to empty rates relief, according to reports. In April the 50 per cent relief on business rates for empty retail and office space was abolished, along with the 100 per cent relief for empty industrial buildings. But the possibility of a reversal has been welcomed by North West consultants. Paul Daye of P3 Consultants said: "Abolishing this tax would be a sensible step given the current economic climate." Simon Hampson of WHR added: "If Labour does abolish the empty rates tax it will be tremendously welcomed. This tax was always considered inequitable and came at the wrong time."
Downing Phils up
Liverpool's largest commercial landlord Downing has leased an 874 sq ft office suite at Federation House on Hope Street to the Royal Liverpool Philharmonic. The deal means that the building is fully let and follows news that restaurant chain Ego will renew its lease on the ground floor for a further 20 years. The refurbishment of Federation House is part of a £40m investment programme Downing is progressing across its 1 million sq ft Liverpool portfolio.
Glad to be Court
Gladman Developments has let more than 10,000 sq ft at Webster Court, its £7.5m, 50,000 sq ft speculative office scheme on Gemini Business Park in Warrington. United Business Centres has taken a 10,070 sq ft standalone office building to provide serviced office accommodation in a joint venture with Gladman. This deal means that more than 75 per cent of the scheme is accounted for, leaving two buildings of 5,250 sq ft each.
Jaymar buys at Lingley Mere
Agents at Lambert Smith Hampton in Manchester have completed the investment sale of Building 2, Clearwater, at Lingley Mere Business Park in Warrington, a joint venture between Muse Developments and United Utilities Property Solutions. The two-storey, 9,044 sq ft building has been sold to Jaymar Estates for just over £1.75m, representing a net initial yield of 8.25 per cent. Edwards and Co acted on behalf of Jaymar. The building is let to MWH UK on a ten-year lease at £17.30 per sq ft.
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Telephone: +44 (0)161 907 9711
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